1. Economic philosophies (This is the same idea as the 4 types of economies)

2.  To keep everyone focused and to encourage participation, we are going to do something different today.  Students who are quiet and listening will be given candy for good behavior.  Students will also receive pieces of candy for answering questions.  Keep a tally at the top of your note of how many pieces of candy I owe you!

3. Capitalism:  system where individuals own the means of production and distribution of goods and services.  This is the same idea as market economies from yesterday.  Adam Smith- is considered the father of Capitalism  Wrote Wealth of Nations  Believed in Laissez-faire economics

4. Communism:  system where the people own the means of production and distribution of goods and services.  Same idea as Command economies from yesterday.  goal is to create a classless society by eliminating the power of the ruling class (rich)  decisions should be made to help everyone rather than a few rich people (owners)  Karl Marx- the father of communism.  Co-wrote The Communist Manifesto

5. Socialism:  system where the government owns the means of production and distribution of goods and services.  Same idea as command economies from yesterday.  The goal of socialism is to spread wealth more evenly and to treat all people fairly.

6. Candy!!  Write down the amount of candy I owe you.  If you received 5 or more pieces, cross out 3 tallies (to be collected for taxes).

7. Say What!!!  We are going to redistribute the candy only to the students with very few pieces.  How many pieces do you have now?  Do you have more or less than when we started?  Do you think this is fair? Why or Why not?

8.  Does this remind you of any thing we have discussed?  What kind of economic system is this?  Socialism  You will all get a piece of candy.